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Topic: Mortgage Revision
Congressman Barney Frank, the chairman of the House Financial Services Committee, sent a letter last week to the to chief executive officers of Bank of America, Citigroup, J.P. Morgan Chase and Wells Fargo, the four biggest US banks urging them in “the strongest possible terms to take immediate steps to write down these second mortgages.”
By Paul M. J. Suchecki
Tags: loan modifications, Obama Homeowner Affordability and Stability Plan, ...
No CommentsThe Obama Administration’s Home Affordable Program, HAMP, had been heavily criticized for not doing enough to forestall foreclosures, which hit 2.8 million homeowners in 2009.
Although the final figures are not in, expect a record number of foreclosures again for 2009. In states that have revamped their foreclosure laws by mandating changes like lender borrower mediation, the trend has slowed significantly
This past week, mortgage giant Freddie Mac’s survey showed that the average interest on a 30 fixed mortgage had inched up to 4.94%. Across the board, expect rates to then head up pushed by the expanding budget deficit, and inflation pressures caused by a rebounding economy
By Paul M. J. SucheckiTags: Loan Modification, Obama Homeowner Affordability and Stability Plan, ...1 CommentTreasury Homeownership Preservation Office Chief Phyllis Caldwell stated, “Our focus now is on working with servicers, borrowers and organizations to get as many of those eligible homeowners as possible into permanent modifications.”
The effort is a recognition that the complexity and depth of financial fraud now requires a more coordinated response from appropriate enforcement experts.
The FDIC has been busy this year, seizing 95 banks, a substantial increase from the 25 banks taken over last year. Only 3 failed in 2007.
When it’s time to find help with your mortgage, start by calling your servicer directly or a firm it has hired to deal with the public. You should not have to pay anything up front to get assistance.
By Paul M. J. SucheckiTags: Loan Modification, mortgage advice, mortgage refinance, refinancing...3 CommentsIf you are severely underwater, you might be able to convince the second mortgagor to release the lien and turn the loan into an unsecured personal loan.
Why is Making Home Affordable Falling Short? By most estimates, it has been applied to 5% of those eligible while a record 5.4 million American homeowners are now behind on their mortgage payments.
Deficiency Judgment Nationwide Mortgage Licensing System personal finance Default credit cards mortgage fraud Jumbo Loan Short-Fi Loan Default Short Sale second mortgage Conforming Loan Loss Mitigation bankruptcy Uncategorized mortgage Loan to Value first time home buyer tax credit unemployment Upside Down Real Life Stories Obama Financial Reform Obama Housing Plan Refinance Falling Home Value Lenders home value Mortgage Revision Credit economic news Loan Modification Foreclosure Help
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